These five homes are on the market for just £10,000

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More than half of the under 35s in the UK don't own the property they live in, and overall one in three Brits rent their home. When asked why they don't own a property, the most common answer is that housing is just too expensive. However, it doesn't have to be this way. We have tracked down five properties currently on the market for just £10,000.

So why are they so cheap, and would you want to live there?


1. 1 bedroom bungalow in Coundon Grange

This will be sold at auction, so this isn't necessarily the sum the property will fetch, but it has a guide price of £10,000. At the moment it is boarded up, and is listed by the agent as being 'in need of refurbishment' and an 'excellent investment opportunity', so you would have to spend some money on it in order to live there.

However, the over-riding reason why the property is is cheap is the location. This semi-rural area does not have a great deal to offer in terms of employment, so there is not an enormous level of demand, or many people moving into the area. It also has its challenges in terms of crime and poverty, so you'd need to familiarise yourself with the location before moving in.

2. 1 bedroom bungalow in Coundon Grange

This is another auction property, in the same village, with the same drawbacks. This one apparently 'needs full refurbishment' - including taking the boards off the windows. The auctioneers aren't allowing people in either, so it'll be a bit of a gamble for any investor.

3. 2 bedroom terrace in Burnley

This is another auction property, so could fetch more, but is listed with a guide price of £10,000. Details are few and far between, because the auctioneers haven't been in, but it apparently has a kitchen and lounge downstairs and two bedrooms upstairs: the location of the bathroom is a mystery. The agent says it "would benefit from some updating".

Prices in the area are generally low, and properties have sold locally for between £15,000 and £20,000 in better condition. The area has a number of empty properties, and issues with crime and poverty, which keep property prices depressed.

4. 4 bed property in Kent

This home is for sale for £10,000, offering space for four people, and in reasonable condition. The reason it's so cheap is that it's actually a houseboat.

It's a former Norfolk Broads cruiser now moored on a residential mooring in Hoo, Kent. And while there are beds for four, there is only one cabin, and two of the beds have to be converted into seating during the day.

It's being marketed as a potential starter or weekend home, but is probably only going to suit people who don't have too many belongings.

5. 3 bedroom property in Bridlington

This is a three-bedroom semi-detached and furnished chalet. Unfortunately, it's just a holiday home. It's on the South Shire Holiday Village, and while it's open all year, you cannot live there full time, and need to provide details of your full-time home elsewhere.

If you bought here, this wouldn't be your only cost either, because there's a ground rent of over £3,000 a year, which would double your cost of ownership in three years.

These properties aren't without their flaws. However, at this price you wouldn't expect them to be. The question is, would you buy?